IASB Update
From the International Accounting Standards Board
March 2014
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22—25 April
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Insurance Contracts

(IASB education session)

On 13 March 2014, the IASB resumed deliberations on the 2013 Exposure Draft (ED) Insurance Contracts. The IASB held an education session on its proposals to recognise the effects of changes in the discount rate in other comprehensive income, which was one of the targeted topics in the ED.

No decisions were made.

(IASB decision-making session)

The IASB met on 18 March 2014 to discuss two out of five targeted proposals in the 2013 Exposure Draft Insurance Contracts (2013 ED). The decisions regarding these proposals apply only to nonparticipating contracts.

Unlocking the contractual service margin

The IASB tentatively decided:

  1. to confirm the proposals in the 2013 ED that after inception:
    1. differences between the current and previous estimates of the present value of cash flows related to future coverage and other future services should be added to, or deducted from, the contractual service margin, subject to the condition that the contractual service margin should not be negative; and
    2. differences between the current and previous estimates of the present value of cash flows that do not relate to future coverage and other future services should be recognised immediately in profit or loss.
  2. that favourable changes in estimates that arise after losses were previously recognised in profit or loss should be recognised in profit or loss to the extent that they reverse losses that relate to coverage and other services in the future.
  3. that differences between the current and previous estimates of the risk adjustment that relate to future coverage and other services should be added to, or deducted from, the contractual service margin, subject to the condition that the contractual service margin should not be negative. Consequently, changes in the risk adjustment that relate to the coverage and other services provided in the current and past periods should be recognised immediately in profit or loss.
All IASB members agreed with these decisions.

Recognising the effects of changes in the discount rate in other comprehensive income

The IASB tentatively decided:

  1. that an entity should choose to present the effect of changes in discount rates in profit and loss or in other comprehensive income as its accounting policy and should apply that accounting policy to all contracts within a portfolio, subject to developing:
    1. guidance that entities should apply the same accounting policy to groups of similar portfolios, and
    2. guidance that would provide rigour about when entities could change accounting policies based on the requirements for changing accounting policy in IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors.

    Thirteen IASB members agreed with this decision and three disagreed.


  2. If the entity chooses to present the effect of changes in discount rates in other comprehensive income, that an entity should recognise:
    1. in profit or loss, the interest expense determined using the discount rates that applied at the date that the contract was initially recognised; and
    2. in other comprehensive income, the difference between the carrying amount of the insurance contract measured using the discount rates that applied at the reporting date and the carrying amount of the insurance contract measured using the discount rates that applied at the date the contract was initially recognised.

    Thirteen IASB members agreed with this decision and three disagreed.


  3. that an entity should disclose the following information:
    1. For all portfolios of insurance contracts: an analysis of total interest expense included in total comprehensive income disaggregated at a minimum into:
      1. the amount of interest accretion determined using current discount rates;
      2. the effect on the measurement of the insurance contract of changes in discount rates in the period; and
      3. the difference between the present value of changes in expected cash flows that adjust the contractual service margin in a reporting period when measured using discount rates that applied on initial recognition of insurance contracts, and the present value of changes in expected cash flows that adjust the contractual service margin when measured at current rates.
    2. In addition, for portfolios of insurance contracts for which the effect of changes in discount rates are presented in other comprehensive income: an analysis of total interest expense included in total comprehensive income disaggregated at a minimum into:
      1. interest accretion at the discount rate that applied at initial recognition of insurance contracts reported in profit or loss for the period; and
      2. the movement in other comprehensive income for the period.

    Fifteen IASB members agreed with this decision and one disagreed.
Next steps

At the April meeting, the staff intend to ask the IASB to consider the main issues relating to insurance contracts revenue, and to consider the approach to other issues raised in the response to the 2013 ED related to matters on which the IASB did not specifically ask for input. Issues specific to participating contracts will be considered at a later stage, and, at that stage, the staff will consider whether the tentative decisions reached for non-participating contracts need to be revisited.




Leases

IASB-only education session

The IASB held an education session on 14 March 2014, at which it discussed:


  1. Lease term
  2. Short-term leases
  3. Small-ticket leases
  4. Lessor accounting
No decisions were made.

Joint session with FASB

The FASB and the IASB met on 18 and 19 March 2014 to continue their redeliberations of the proposals in the May 2013 Exposure Draft Leases (the '2013 ED'). The boards specifically discussed the following topics:


  1. lessee accounting model;
  2. lessor accounting model;
  3. lessor Type A accounting;
  4. lessee small-ticket leases;
  5. lease term; and
  6. lessee accounting: short-term leases.
Lessee accounting model

The FASB decided on a dual approach for lessee accounting, with lease classification being determined in accordance with the principle in existing lease requirements (that is, determining whether a lease is effectively an instalment purchase by the lessee). Under this approach, a lessee would account for most existing capital/finance leases as Type A leases (that is, recognising amortisation of the right-of-use (ROU) asset separately from interest on the lease liability), and accounting for most existing operating leases as Type B leases (that is, recognising a single total lease expense). Six FASB members agreed.

The IASB decided on a single approach for lessee accounting. Under that approach, a lessee would account for all leases as Type A leases (that is, recognising amortisation of the ROU asset separately from interest on the lease liability). Twelve IASB members agreed.

Lessor accounting model

The boards decided that a lessor should determine lease classification (Type A versus Type B) on the basis of whether the lease is effectively a financing arrangement or a sale, rather than an operating lease (that is, on the concept underlying existing US GAAP and on IFRS lessor accounting). A lessor would make that determination by assessing whether the lease transfers substantially all the risks and rewards incidental to ownership of the underlying asset. In addition, the FASB decided that, at lease commencement, a lessor should be precluded from recognising selling profit and revenue for any Type A lease that does not transfer control of the underlying asset to the lessee. This requirement aligns the notion of what constitutes a sale in the lessor accounting guidance with that in the forthcoming Revenue Recognition Standard, which evaluates whether a sale has occurred from the customer's perspective. Fourteen IASB members and seven FASB members agreed.

Lessor Type A accounting

The boards decided to eliminate the receivable and residual approach proposed in the 2013 ED. Instead, a lessor will be required to apply an approach substantially equivalent to existing IFRS finance lease accounting and US GAAP sales type/direct financing lease accounting to all Type A leases. All IASB members and seven FASB members agreed.

Lessee small-ticket leases

The boards decided that the leases guidance should not include specific requirements on materiality. Fifteen IASB members and seven FASB members agreed.

The boards also decided to permit the leases guidance to be applied at a portfolio level by lessees and lessors. The FASB decided to include the portfolio guidance in the Basis for Conclusions; the IASB decided to include the portfolio guidance in the application guidance. Fourteen IASB members and seven FASB members agreed.

The IASB decided to provide lessees with an explicit recognition and measurement exemption for leases of small assets. Eleven IASB members agreed.

Lease term

The boards decided that, when determining the lease term, an entity should consider all relevant factors that create an economic incentive to exercise an option to extend, or not to terminate, a lease. An entity should include such an option in the lease term only if it is reasonably certain that the lessee will exercise the option having considered the relevant economic factors. Reasonably certain is a high threshold and is substantially the same as reasonably assured in existing US GAAP. The boards also decided that an entity should account for purchase options in the same way as options to extend, or not to terminate, a lease. All IASB members and six FASB members agreed.

The boards decided that a lessee should reassess the lease term only upon the occurrence of a significant event or a significant change in circumstances that is within the control of the lessee. Fifteen IASB members and four FASB members agreed.

The boards decided that a lessor should not reassess the lease term. Fourteen IASB members and seven FASB members agreed.

Lessee accounting: short-term leases

The boards decided to retain the recognition and measurement exemption for a lessee's short-term leases. The boards also decided that the short-term lease threshold should remain at 12 months or less. In addition, the boards decided to change the definition of a short-term lease so that it is consistent with the definition of lease term. Thirteen IASB members and four FASB members agreed.

Finally, the boards decided to require disclosure of the amount of expense related to short-term leases recognised in the reporting period as well as any qualitative disclosures the boards decide upon for leases in general. If the short-term lease expense does not reflect the lessee's short-term lease commitments, a lessee should disclose that fact and the amount of its short-term lease commitments. Ten IASB members and five FASB members agreed.

Next steps

The staff will perform additional analysis regarding the recognition and measurement exemption for lessees of leases of small assets. The boards will continue their joint redeliberations of the 2013 ED at a future joint meeting.




Conceptual Framework

The IASB discussed summaries of the feedback from comment letters and outreach activities (including outreach with users of financial statements) on the IASB Discussion Paper A Review of the Conceptual Framework for Financial Reporting.

No decisions were made.

Next steps

The IASB will continue its discussions in April.




IAS 1 Presentation of Financial Statements

Current/non-current classification of liabilities: reaffirming the October decisions and events after the reporting period

The IASB met on 21 March 2013 to discuss a proposed narrow-focus amendment to IAS 1 Presentation of Financial Statements. The issues discussed related to the classification of liabilities as current or non-current, within the context of loans that are rolled over or loans made when the holder has a right to defer settlement of the loan for at least 12 months after the reporting period. The Interpretations Committee had received two submissions on this topic.

At this meeting, the IASB tentatively decided unanimously to affirm the following decisions made at their October meeting:


  1. to delete 'unconditional' from paragraph 69 (d) of the Standard so that 'unconditional rights' is replaced by 'rights';
  2. to replace 'discretion' in paragraph 73 of the Standard with 'right' to more clearly align the paragraph with the requirements of paragraph 69 (d) of the Standard;
  3. to link the settlement of the liability with the outflow of resources from the entity by adding 'by the transfer of cash, other assets or services' to paragraph 73 of the Standard; and
  4. to make it explicit in paragraphs 69 (d) and 73 of the Standard that only rights in place at the reporting date should affect the classification of a liability.
The IASB tentatively decided not to reaffirm two of the October decisions:

  1. to extend paragraph 73 of the Standard to include 'with the same lender' with respect to the rollover of a liability; and
  2. to extend paragraph 73 to deal with the circumstances in which an existing lender is a consortium that may change its composition over time by including 'or consortium of lenders' to 'same lender'.
Instead the IASB tentatively decided to retain the existing wording in paragraph 73 of the Standard in which the classification decision is based on the nature of the loan itself—whether or not it is an 'existing loan'. Twelve IASB members agreed. As a result of this tentative decision, the IASB did not discuss the significance of loans made by an existing lender on the 'same or similar terms' when the borrower has a right to rollover these loans at the reporting date.

The IASB also considered the effect of events after the reporting period on the borrower's right to defer settlement and tentatively decided that the Standard should not be revised to provide guidance on this topic. Fourteen IASB members agreed.

Finally, the IASB tentatively decided to accept the staff recommendation that the guidance in the Standard should be reorganised so that similar examples are grouped together. All IASB members agreed.

Next steps

The IASB asked the staff to prepare revised proposals for a narrow-scope amendment to IAS 1 for future public consultation.




Accounting for Acquisitions of Interests in Joint Operations (Amendments to IFRS 11)—mandatory effective date

At its meeting in November 2013, the IASB tentatively decided that the proposed amendments to IFRS 11 Joint Arrangements arising from the project Accounting for Acquisitions of Interests in Joint Operations should have a mandatory effective date of 1 January 2015.

At its meeting on 21 March 2014, the IASB reviewed the progress of the balloting process since the November 2013 meeting and tentatively decided to amend the mandatory effective date of the amendments to IFRS 11 to 1 January 2016.

All IASB members agreed.

Next steps

The IASB plans to issue Accounting for Acquisitions of Interests in Joint Operations (Amendments to IFRS 11) in the second quarter of 2014.




Equity Method: Share of Other Net Asset Changes

The IASB met on 21 March 2014 to continue its deliberations on the Exposure Draft of proposed amendments to IAS 28 Investments in Associates and Joint Ventures. The IASB discussed the following:


  1. transition requirements;
  2. finalisation or re-exposure of the proposed amendments;
  3. the mandatory effective date of the final amendment; and
  4. confirmation of due process steps undertaken to date.
Transition requirements

The IASB tentatively decided that an entity should apply the amendments to IAS 28 prospectively for annual periods beginning on or after the mandatory effective date of the amendments. All IASB members agreed.

Finalisation or re-exposure

The IASB considered whether there was a need to re-expose the amendments to IAS 28 for public comment. After consideration of the re-exposure criteria in the Due Process Handbook, the IASB concluded that re-exposure was not needed. Fourteen IASB members agreed with these decisions.

Mandatory effective date of the final amendment

The IASB tentatively decided that the mandatory effective date of the amendment should be 1 January 2016. All IASB members agreed.

Confirmation of due process steps and compliance so far

The IASB considered the due process steps undertaken to date on the project. All IASB members confirmed that they are satisfied that the IASB has completed all of the necessary due process steps on the project to date and therefore instructed the staff to commence the ballot process of the amendments to IAS 28.

Two IASB members intend to dissent from the final amendments.

Next steps

The staff will commence the ballot process of the amendments to IAS 28. The amendments are expected to be issued in the second quarter of 2014.




Narrow-scope amendments—IFRS 10 and IAS 28

On 21 March 2014 the IASB discussed three proposed amendments to IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures that had been discussed previously at the IFRS Interpretations Committee. These proposed amendments relate to the following:


  1. an investment entity subsidiary that also provides investment-related services to third parties;
  2. applicability of the exemption from preparing consolidated financial statements in IFRS 10; and
  3. application of the equity method by a non-investment entity investor to an investment entity investee.
An investment entity subsidiary that also provides investment-related services

The IASB discussed whether an investment entity parent should account for an investment entity subsidiary at fair value, when that investment entity subsidiary provides investment-related services to third parties. The IASB tentatively decided to continue to develop proposals to amend IFRS 10 to confirm that all investment entity subsidiaries should be measured at fair value through profit or loss.

Eight IASB members agreed, seven disagreed and one was absent.

Exemption from preparing consolidated financial statements requirements in IFRS 10: Applicability to a subsidiary of an investment entity

The IASB tentatively decided to amend IFRS 10 to confirm that the exemption from preparing consolidated financial statements set out in paragraph 4(a) of IFRS 10 should be available to an intermediate parent entity that is a subsidiary of an investment entity but that is not an investment entity itself.

Thirteen IASB members agreed, two disagreed and one was absent.

Application of the equity method by a non-investment entity investor to an investment entity investee

The IASB tentatively decided to amend IAS 28 so that, when applying the equity method:


  1. A non-investment entity that is party to a joint venture cannot retain the fair value accounting applied by that investment entity joint venture.
  2. A non-investment entity investor should, for cost-benefit reasons, retain the fair value accounting applied by an investment entity associate.
Thirteen IASB members agreed, two disagreed and one was absent.

Next steps

The staff will bring a summary of the due process steps undertaken on this project to a future IASB meeting.




Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to IFRS 10 and IAS 28)

The IASB met on 21 March 2014 to consider whether it should amend paragraph 31 of IAS 28 Investments in Associates and Joint Ventures. That paragraph specifies how an entity recognises a gain when an investor contributes an asset to its associate or joint venture in exchange for both equity and other assets. Some believe that paragraph 31 of IAS 28 conflicts with the existing requirements of IAS 28 and with the forthcoming amendment Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to IFRS 10 and IAS 28).

The IASB decided to:


  1. propose to amend paragraph 31 of IAS 28 so that the portion of the gain or loss relating to the assets received in exchange for the contribution of an asset should be recognised only to the extent of unrelated investors' interests in the associate or joint venture; and
  2. include this amendment in the forthcoming Exposure Draft Elimination of gains from 'downstream' transactions.
Fifteen IASB members agreed.

The IASB also decided to amend the mandatory effective date of the forthcoming amendments to IFRS 10 and IAS 28 to 1 January 2016.

All IASB members agreed.

Next steps

The IASB intends to issue the amendments to IFRS 10 and IAS 28 in the second quarter of 2014. It intends to publish the ED Elimination of gains from 'downstream' transactions in the second quarter of 2014.




Equity Method in Separate Financial Statements

At its meeting on 21 March 2014, the IASB commenced its redeliberations of the proposals in the Exposure Draft Equity Method in Separate Financial Statements (proposed amendments to IAS 27).

The IASB was presented with a summary and an analysis of the 60 comment letters received on the Exposure Draft.

Inclusion of the equity method as one of the options

The IASB tentatively decided to proceed with the proposal to amend IAS 27 to include the equity method as one of the options to account for an entity's investments in subsidiaries, joint ventures and associates in its separate financial statements.

Fifteen IASB members agreed with the decision.

Next steps

The IASB will redeliberate the remaining issues raised by respondents on the Exposure Draft at a future IASB meeting.




Agriculture: Bearer plants

The IASB met on 21 March 2014 to consider the remaining issues raised by respondents to Exposure Draft Agriculture: Bearer Plants (Proposed amendments to IAS 16 Property, Plant and Equipment and IAS 41 Agriculture).

Remaining issues raised by respondents to the Exposure Draft (ED)

The IASB tentatively decided:


  1. that the revaluation model should be permitted for bearer plants;
  2. not to have specific guidance on application of the revaluation model in IAS 16 to bearer plants;
  3. not to have specific guidance on application of the requirements for government grants to bearer plants;
  4. not to require any additional disclosure requirements in IAS 16 for bearer plants; and
  5. not to make any changes to the transition requirements proposed in the ED, other than a minor clarification.
All IASB members agreed with these decisions.

Next steps

The IASB has now completed discussing the issues identified by respondents to Exposure Draft Agriculture: Bearer Plants. The next step will be for the IASB to review the due process steps undertaken on the project, before proceeding with the balloting process for the final amendments to IAS 16 and IAS 41.




Disclosure Initiative

The IASB met on 21 March 2014 to discuss the scope for two projects under the Disclosure Initiative: 'materiality' and 'changes in debt'. The IASB also had an education session on an overview of the Disclosure Initiative and progress of the various projects under the Disclosure Initiative (Agenda Paper 11A) for which no decisions were made.

Materiality

The IASB tentatively decided:


  1. to undertake a project on materiality;
  2. that the objective of the project should be to help preparers, auditors and regulators use judgement when applying the concept of materiality in order to make financial reports more meaningful;
  3. that the scope of the project should be the application of materiality across the whole of the financial statements. However, the focus would be on applying the concept of materiality to the notes;
  4. that the project should consider the following areas:
    1. the lack of understanding of what is meant by the concept 'materiality';
    2. the lack of clarity in applying the concept of materiality, in particular to disclosures in the notes to the financial statements; and
    3. how disclosure requirements are written, ie the use of unclear language used to describe disclosure objectives and other disclosure guidance in IFRS.
  5. to undertake work to consider whether additional guidance could be developed that assists entities to determine what a significant accounting policy is.
All IASB members agreed.

Changes in debt

The IASB tentatively decided to explore short term amendments to IAS 7 Statement of Cash Flows to require a reconciliation of the opening and closing liabilities that form part of an entity's financing activities, excluding the changes in contributed equity. The IASB will also consider short term amendments to IAS 7 to improve disclosures about restrictions on cash. The IASB noted that the long-term Disclosure Initiative project may include a more fundamental review of IAS 7.

All IASB members agreed.

Next steps

For the materiality project, the IASB plans to consider:


  • how the concept 'materiality' has been applied; and
  • whether additional guidance or material could be developed to assist entities to determine what a significant accounting policy is.
For the project on changes in debt, the IASB plans to consider suggested amendments to IAS 7 after performing further outreach with users and preparers. That outreach will be focused on understanding whether disclosures in financial statements will be improved by the proposal to require a reconciliation of the opening and closing liabilities that form part of an entity's financial activities, excluding the changes in contributed equity.






Work plan—projected targets as at 26 March 2014


Major IFRS
Next major project milestone
   2014
Q1
2014
Q2
2014
Q3
2014
Q4
IFRS 9: Financial Instruments (replacement of IAS 39)
   Classification and Measurement
   (Limited amendments)
  Target IFRS    
   Impairment   Target IFRS    
Accounting for Macro Hedging Target DP    
2014
Q1
2014
Q2
2014
Q3
2014
Q4
Insurance Contracts Redeliberations      
Leases Redeliberations      
Rate-Regulated Activities   Target DP    
Revenue Recognition   Target IFRS    
IFRS for SMEs: Comprehensive Review 2012–2014—see project page
Implementation
Next major project milestone
Narrow-scope amendments 2014
Q1
2014
Q2
2014
Q3
2014
Q4
Acquisition of an Interest in a Joint Operation
(Proposed amendments to IFRS 11)
  Target IFRS    
Annual Improvements 2012–2014
[Comment period ended 13 March 2014]
  Redeliberations    
Annual Improvements 2013–2015     Target ED  
Bearer Plants
(Proposed amendments to IAS 41)
  Target IFRS    
Clarification of Acceptable Methods of Depreciation and Amortisation
(Proposed amendments to IAS 16 and IAS 38)
Target IFRS      
Classification of liabilities
(Proposed amendment to IAS 1)
    Target ED  
Disclosure Initiative
     Amendments to IAS 1 (Disclosure Initiative) Target ED      
Elimination of gains or losses arising from transactions between an entity and its associate or joint venture
(Proposed amendments to IAS 28)
  Target ED    
Equity Method: Share of Other Net Asset Changes
(Proposed amendments to IAS 28)
  Target IFRS    
Fair Value Measurement: Unit of Account   Target ED    
Investment Entities: Clarifications to the accounting for interests in investment entities and applying the consolidation exemption
(Proposed amendments to IFRS 10 and IAS 28)
  Target ED    
Put Options Written on Non-controlling Interests
(Proposed amendments to IAS 32)
  Next steps TBD    
Recognition of Deferred Tax Assets for Unrealised Losses
(Proposed amendments to IAS 12)
  Target ED    
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
(Proposed amendments to IFRS 10 and IAS 28)
  Target IFRS    
Equity Method in Separate Financial Statements
(Proposed amendments to IAS 27)
  Redeliberations    
Post-implementation reviews 2014
Q1
2014
Q2
2014
Q3
2014
Q4
IFRS 3 Business Combinations   Public consultation    
Conceptual Framework
Next major project milestone
2014
Q1
2014
Q2
2014
Q3
2014
Q4
Conceptual Framework       Target ED
Research Projects
Research projects involve preliminary research to help the IASB evaluate whether to add a topic to its work plan. The IASB will begin research on the following topics in due course.
 
Research projects on which preliminary work has commenced:
Business combinations under common control  
Disclosure Initiative  
Discount rates  
Emissions trading schemes  
Equity method of accounting  
Extractive activities  
Financial instruments with characteristics of equity  
Intangible assets  
Research projects on which preliminary work is not expected to commence until after the 2015 agenda consultation:
Income taxes  
Post-employment benefits (including pensions)  
Share-based payments  
Research projects for which the timing of preliminary work has not yet been confirmed:
Financial reporting in high inflationary economies  
Foreign currency translation  
Liabilities—amendments to IAS 37  
Completed IFRS
Major projects Issued date Effective date Year that PiR is expected to start*
IFRS 9 Financial Instruments November 2013 TBD (available for application) TBC  
IFRS 14 Regulatory Deferral Accounts January 2014 1 January 2016 TBC  
*A Post-implementation Review normally begins after the new requirements have been applied internationally for two years, which is generally about 30–36 months after the effective date.
Narrow-scope amendments Issued date Effective date  
Annual Improvements 2010–2012 December 2013 1 July 2014  
Annual Improvements 2011–2013 December 2013 1 July 2014  
Offsetting Financial Assets and Financial Liabilities
(Amendments to IAS 32)
December 2011 1 January 2014  
Investment Entities
(Amendments to IFRS 10, IFRS 12 and IAS 27)
October 2012 1 January 2014  
Novation of Derivatives and Continuation of Hedge Accounting
(Amendments to IAS 39)
June 2013 1 January 2014  
Recoverable Amount Disclosures for Non-Financial Assets
(Amendments to IAS 36)
May 2013 1 January 2014  
IFRS 9 Financial Instruments—Mandatory Effective Date of IFRS 9 and Transition Disclosures December 2011 TBD (available for application)  
Defined Benefit Plans: Employee Contributions
(Amendments to IAS 19)
November 2013 1 July 2014  
Interpretations Issued date Effective date
IFRIC 21 Levies May 2013 1 January 2014  
Agenda consultation
Next major project milestone
2013 2014 2015
Three-yearly public consultation
[Feedback Statement published 18 December 2012]
[Next consultation scheduled 2015 ]
    Initiate second three-yearly public consultation



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